The sun. [volume] (New York [N.Y.]) 1833-1916, 1887-11-20
The Silver Question Settling Itself.

We notice that Monsieur HENRI CERNUscHI
has again come forward with pamphlet
upon his favorite subject of international BIZ
metallism. We admire his pluck and persls-
tency, but we must condemn his judgment.
The silver question has no longer any prac-
tical Importance. 1t has settled itself.
Eleven years ago, when Mr.. BLAND intro
duced his bill for the restoration Of the sill
yer dollar to the place which, from the birth
of the republic to the year 1873, it had held
In our national currency, every considera-
ton of justice to debtors and the public well
fare demanded Its passage. We were on the
eve Of the resumption Of specie payments,
and II We had resumed In silver instead of
resuming In gold, we should, while giving to
creditors much more than they had bargained
for, have lessened the burden which we i'm
posed upon debtors by one-fifth. The timidity
or the greed Of Eastern money lenders and
creditors overcame Mr.. BLAND's wise and pa
triotio efforts, Mr.. ALLIsON's amendment to
his bill was accepted by Congress, and re-
striction was placed upon the coinage Of the
silver dollar, which has ever since practically
rendered gold the sole standard Of pay
ments. Since the passage Of the BLAND
ALLISON bill the value Of gold, relatively to
that Of our great staple products, has gone
on rising until now debt contracted twenty
five years ago Is nearly one-half larger,
measured In such products, than it was
then, and debt Of ten years standing Is
one-third larger. How much the ALLISON
amendment to the original BLAND bill has
cost the debtors Of the country 1t is impos-
Bible to compute exactly, but that it Is far
moro than the $4,000, 900. 900 Of national debt
ut the close Of the war is beyond doubt.
Nevertheless, the mischief has been done
and Is now beyond repair. The fall In prices
due to the establishment of the single gold
standard has come to an end. The debtors
who suffered by it have suffered all that they
can suffer, and the debts now in course Of
contraction are contracted upon a basis
which Is not likely to vary much for the
next few years. To do now what Mr.. BLAND
proposed to do in 1876 would work as much
injustice to creditors as the rejection Of his
proposition worked then 10 debtors. The
world OF business has got accustomed to the
gold standard, and is getting on with it very
comfortably both here and abroad.
One thing, however, Mr.. BLAND can hon.
estly congratulate himself upon having ac-
complished. He has furnished the country
with circulating medium in the shape of
silver dollars and silver certificates which
serves most OPPORTUNITY to fill the void caused
by the contraction of national bank circu-
lation and the growing wants Of the ooun-
try. The apprehended disaster from silver
coinage which two years ago was making
Wall street shake in its shoes has proved to
be imaginary, as THE SUN, amid the jeers Of
Its Eastern contemporaries, repeatedly dem
onstrated 1t was. Even the hlde-bound
old Erening Post has lately admitted that
Its alarm on the subject was groundless and
that the BLAND-ALLIsoN bill has done good
and not harm. Honor to whom honor is
due, and let Mr.. BLAND receive the thanks
TO which he is entitled!